Dow lost 3, advancers ahead of decliners 5-4 & NAZ retreated 4. The MLP index advanced 1+ to the 532s & the REIT index went up pocket change above 310. Junk bond funds rose as did Treasuries. Oil increased
for a 2nd day before a gov report that’s forecast to
show US crude stockpiles dropped. Gold slid lower.
AMJ (Alerian MLP Index tracking fund)
Photo: Bloomberg
French factory confidence fell to the lowest in 13 months in Aug, adding to signs that the economy may struggle to grow after a stagnant H1. A manufacturing-sentiment index slipped to 96, the lowest since Jul 2013, from 97 the previous month, according to the French national statistics office INSEE. That matched the forecast. A separate business-confidence index also declined. The latest evidence of weakness in the French economy comes as pres Hollande deals with a mutiny within his gov over austerity. The economy failed to expand in the past 2 qtrs & a survey last week showed manufacturing contracted for a 4th month in Aug. Hollande, who has an approval rating of just 17%, & Prime Minister Valls replaced 3 ministers yesterday as they moved to end the cabinet revolt over spending cuts. The reshuffle followed the firing of Economy Minister Montebourg, who called the administration’s deficit reduction “dogmatic” & accused it of stoking unemployment. Emmanuel Macron, a former presidential adviser, was named as Montebourg’s successor.
French Manufacturing Confidence Falls to 13-Month Low
Fighting in eastern Ukraine between gov forces & pro-Russian rebels raged on after the Russian & Ukrainian presidents hailed as “positive” talks last night on ending the conflict. Ukraine’s military said today that its forces killed 225 rebels & destroyed 3 tanks during the past 24 hours. 13 gov soldiers were killed & 36 wounded, a military spokesman said, reporting intensified fighting near the Sea of Azov close to the Russian frontier. Russian pres Putin met his Ukrainian counterpart, Petro Poroshenko, at a summit in Minsk. Ukrainian forces are being shelled “intensively” from Russian territory & are under constant attack from insurgents around Mariupol & Novoazovsk on the Sea of Azov coast, south of the rebel strongholds of Donetsk & Luhansk, as reported by Ukraine. Russian & separatist forces occupied 7 villages north of Novoazovsk. Gov troops are also fighting to maintain control of Ilovaysk, east of Donetsk, & 2 other towns, the military press service said. “Russia, for its part, will do everything for this peace process,” Putin said. “In our opinion, it should start as soon as possible.” This is war & that's serious, especially for euro economies.
Ukraine Fighting Rages On After Putin, Poroshenko Praise Outcome of Summit
Tiffany Q2 profit that topped estimates & raised its earnings forecast for the year as higher prices boosted revenue. EPS rose to 96¢ from 83¢ a year earlier & beat the 85¢ estimate. CEO Michael Kowalski has been working to refresh the retailer with revamped stores & new designs, including the Tiffany T collection in gold & silver. The US & Asia-Pacific showed solid growth last qtr, the retailer said, while Japan & Europe sales fell short of predictions. EPS this year will be $4.20-$4.30, the retailer said, up from a previous forecast of as much as $4.25. Analysts estimated $4.28. Affluent customers, buoyed by the rising stock market, have continued spending even as the chain increased prices. Sales at stores open at least a year jumped 8% in the Americas & 7% in Asia. Revenue climbed 7.2% to $993M, topping the prediction of $988M. Sales at stores open at least a year rose 3%, falling short of Consensus Metrix’s projection for a 3.9% gain. In Japan, sales on that basis slumped 13%, more than the estimated 6% drop, as consumers adjusted to an increase in the consumption tax. Europe had a surprise decline of 8%, while analysts anticipated a 0.3% gain. The stock went up 1.58. If you would like to learn more about TIF, click on this link:
club.ino.com/trend/analysis/stock/TIF?a_aid=CD3289&a_bid=6ae5b6f7
Tiffany’s Profit Tops Estimates on Higher Prices
There is not a lot happening in the stock market. But there is a war going on in eastern Ukraine & conditions have quieted down in Israel. Otherwise there is little news to drive buying for stocks, with volume continuing to be low. If anything, volume will fall further for the rest of the week while Dow & S&P 500 remain near record highs.
Dow Jones Industrials
AMJ (Alerian MLP Index tracking fund)
| CLV14.NYM | ....Crude Oil Oct 14 | ...93.99 |  ....0.13 | (0.1%) |
| GCQ14.CMX | ...Gold Aug 14 | .....1,281.10 | ....2.70 | (0.2%) |
French factory confidence fell to the lowest in 13 months in Aug, adding to signs that the economy may struggle to grow after a stagnant H1. A manufacturing-sentiment index slipped to 96, the lowest since Jul 2013, from 97 the previous month, according to the French national statistics office INSEE. That matched the forecast. A separate business-confidence index also declined. The latest evidence of weakness in the French economy comes as pres Hollande deals with a mutiny within his gov over austerity. The economy failed to expand in the past 2 qtrs & a survey last week showed manufacturing contracted for a 4th month in Aug. Hollande, who has an approval rating of just 17%, & Prime Minister Valls replaced 3 ministers yesterday as they moved to end the cabinet revolt over spending cuts. The reshuffle followed the firing of Economy Minister Montebourg, who called the administration’s deficit reduction “dogmatic” & accused it of stoking unemployment. Emmanuel Macron, a former presidential adviser, was named as Montebourg’s successor.
French Manufacturing Confidence Falls to 13-Month Low
Fighting in eastern Ukraine between gov forces & pro-Russian rebels raged on after the Russian & Ukrainian presidents hailed as “positive” talks last night on ending the conflict. Ukraine’s military said today that its forces killed 225 rebels & destroyed 3 tanks during the past 24 hours. 13 gov soldiers were killed & 36 wounded, a military spokesman said, reporting intensified fighting near the Sea of Azov close to the Russian frontier. Russian pres Putin met his Ukrainian counterpart, Petro Poroshenko, at a summit in Minsk. Ukrainian forces are being shelled “intensively” from Russian territory & are under constant attack from insurgents around Mariupol & Novoazovsk on the Sea of Azov coast, south of the rebel strongholds of Donetsk & Luhansk, as reported by Ukraine. Russian & separatist forces occupied 7 villages north of Novoazovsk. Gov troops are also fighting to maintain control of Ilovaysk, east of Donetsk, & 2 other towns, the military press service said. “Russia, for its part, will do everything for this peace process,” Putin said. “In our opinion, it should start as soon as possible.” This is war & that's serious, especially for euro economies.
Ukraine Fighting Rages On After Putin, Poroshenko Praise Outcome of Summit
Tiffany Q2 profit that topped estimates & raised its earnings forecast for the year as higher prices boosted revenue. EPS rose to 96¢ from 83¢ a year earlier & beat the 85¢ estimate. CEO Michael Kowalski has been working to refresh the retailer with revamped stores & new designs, including the Tiffany T collection in gold & silver. The US & Asia-Pacific showed solid growth last qtr, the retailer said, while Japan & Europe sales fell short of predictions. EPS this year will be $4.20-$4.30, the retailer said, up from a previous forecast of as much as $4.25. Analysts estimated $4.28. Affluent customers, buoyed by the rising stock market, have continued spending even as the chain increased prices. Sales at stores open at least a year jumped 8% in the Americas & 7% in Asia. Revenue climbed 7.2% to $993M, topping the prediction of $988M. Sales at stores open at least a year rose 3%, falling short of Consensus Metrix’s projection for a 3.9% gain. In Japan, sales on that basis slumped 13%, more than the estimated 6% drop, as consumers adjusted to an increase in the consumption tax. Europe had a surprise decline of 8%, while analysts anticipated a 0.3% gain. The stock went up 1.58. If you would like to learn more about TIF, click on this link:
club.ino.com/trend/analysis/stock/TIF?a_aid=CD3289&a_bid=6ae5b6f7
Tiffany’s Profit Tops Estimates on Higher Prices
Tiffany (TIF)
There is not a lot happening in the stock market. But there is a war going on in eastern Ukraine & conditions have quieted down in Israel. Otherwise there is little news to drive buying for stocks, with volume continuing to be low. If anything, volume will fall further for the rest of the week while Dow & S&P 500 remain near record highs.
Dow Jones Industrials
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